On Thursday May 2, 2013, the Ontario government introduced its 2013 Budget, entitled A Prosperous and Fair Ontario (the “Budget”). The government also introduced Bill 65, the Prosperous and Fair Ontario Act (Budget Measures), 2013 (“Bill 65”), omnibus legislation designed to implement some of the proposals contained in the Budget. The Budget announced that the…
Tag: Broader Public Sector
Third Window for BPS Solvency Funding Relief Proposed
On December 5, 2012, the Ontario government posted a regulatory proposal regarding amendments to O. Reg. 178/11 (Solvency Funding Relief for Certain Public Sector Pension Plans), made under the Pension Benefits Act. Comments on the proposal are due by January 20, 2013. Under the proposal, the third and final window for solvency funding relief for…
Premier McGuinty Announces His Resignation and Prorogues the Legislature
In an unexpected development, Premier McGuinty announced yesterday that he will be resigning as Premier of Ontario and as leader of the Ontario Liberal party. Premier McGuinty also announced that he asked the Lieutenant Governor of Ontario to prorogue the Legislature, which now appears to have occurred. While both announcements will come as a surprise…
The Proposed Protecting Public Services Act Would Significantly Change Terms and Conditions of Employment for Directors, Superintendants and Senior Board Officials
On September 26, 2012, the Ontario Minister of Finance announced draft omnibus legislation, the Protecting Public Services Act, 2012 (the “Draft Bill”), that would, if enacted, implement new compensation restraint measures for the Broader Public Sector (“BPS”) and would impose a significant new provincially mandated collective bargaining regime. At first glance, the Draft Bill may…
Ontario Proposes Significant Changes to Wage Restraint and Collective Bargaining in the Broader Public Sector
On September 26, 2012, the Ontario Minister of Finance announced draft omnibus legislation, the Protecting Public Services Act, 2012 (the “Draft Bill”), which would implement new compensation restraint measures for the Broader Public Sector (“BPS”), and would impose a significant new provincially mandated collective bargaining regime. The Draft Bill would also make changes to the…
Ontario Releases Draft Compensation Restraint Legislation for Consultation
Earlier today, the Ontario Minister of Finance announced draft omnibus legislation, the Protecting Public Services Act, 2012 (the “Draft Bill”), that would implement new, substantially more restrictive compensation restraint measures, and impose a significant new provincially mandated collective bargaining regime, for the Broader Public Sector (“BPS”). Highlights of the Draft Bill include: Schedule 1 (enacting…
Ontario Releases Draft Compensation Restraint Legislation for Consultation
On September 26, 2012, the government announced draft omnibus legislation, the Protecting Public Services Act, 2012 (the “Draft Bill”), that would implement new, substantially more restrictive compensation restraint measures, and impose a significant new provincially mandated collective bargaining regime, for the Broader Public Sector (“BPS”).
Ontario Files BPS Solvency Funding Relief, JSPP Funding Rules and Filing of Actuarial Valuations Regulation
On June 22, 2012, the Ontario government filed O. Reg 164/12 made under the Pension Benefits Act, amending Regulation 909 (General). Generally speaking, plan administrators are required to file actuarial valuations within nine months from the date of the valuation. O. Reg 164/12 provides an extension to the window for filing actuarial valuations in accordance…
Ontario Announces Consultations to Enhance BPS Pension Fund Investment Efficiencies
Further to initiatives first announced in its 2012 Budget, the Ontario government has appointed a special Pension Investment Advisor, Bill Morneau, to develop recommendations for the government’s consideration through a public consultation process in anticipation of a new legislative framework that will facilitate the pooling of pension fund assets in the broader public sector (“BPS”)….
Regulation Proposed To Extend Filing Deadlines of Public Sector, BPS Pension Plans
The Ontario government has proposed an amendment to Regulation 909 made under the Pension Benefits Act, Filing Extension for Certain Pension Plans in the Public Sector and Broader Public Sector. This regulation would extend the timeframe for these pension plans to file their actuarial valuation reports and extend the time for the commencement of special…